Understanding the Risks in Enterprise Project Management

Risks are a given for any initiative or enterprise across industries. No wonder, PMI has dedicated a detailed process around risk management as part of their PMP certification.

Projects small or large all involve risks. Having the right understanding and strategy to handle risks is crucial to the project success and the enterprises’ too.

Risks can be of various types and probability and can be lurking across various corners of your project be it regulatory, natural, competition, change of business landscape, advent of disruptive technology. You name it.

Take the e.g. of Nokia and Research in Motion (RIM). Both were the super powers of the mobile phone industry. But the risk of not adopting to the new technology and user sentiment cost them their business and drove them almost to a point of no return.

To begin with, it has to be a mainstream activity and a must-have component of your projects. Right from the beginning!

It is a tough ask; no doubts about it. And neither is it everyone’s cup of tea.

Risk Management requires experience, thorough knowledge of your business, the projects you are dealing with and a lot of foresight.

But if done rightly, the rewards are significant. When the project stakeholders accord the due importance to risk management, they have increased their chances of success by 50%.

Having established the significance of identifying risks, let us take a look at some of the common risks in project management and strategies to mitigate them.

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How a Project Management Tool can reduce your Operational Cost

Businesses are often faced with stiff challenges in maintaining low project, operational costs and increase their profits. And rightly so!

Sadly, that is not the case always. 

Running a profitable enterprise requires a lot of control around procurement, resource utilization, real estate costs, talent, technology costs, project management, travel expenses, marketing and R&D budgets etc. 

Larger the organization, greater the complexity w.r.t a diverse, dispersed and global workforce, cultural implications, local government regulations as well as an equally complex organization hierarchy spanning multiple departments. 

Each department has their own budget, strategic goals and timelines to meet these goals.

At any given time there are multiple initiatives, projects that are being undertaken by the various functions across the organization involving multiple teams both local and global.

Thus having a handle on all of these projects across the organization is not an easy task by any means. 

It is just overwhelming!

Imagine the workforce, efforts and cost you would need to constantly monitor and stay on top of all initiative run in your company. 

No wonder, companies globally make conscious investments for multiple work management, collaboration and productivity management tools for their teams.

Brings your Organization together

A project portfolio management tool, is capable of handling all your strategic initiatives centrally.

Your entire team is aboard a single platform for all its activities. 

The significant benefit of an enterprise project portfolio management tool is in its ability to track all initiatives under one roof. 

The decision makers can access progress of the key projects in real time and track performance of their business. 

At the same time, the project managers, can easily highlight risks and issues that need immediate management attention and action.

The management team can quickly identify any non-performing projects and act decisively in a timely manner. 

Thus saving efforts and costs on initiatives that have outlived their purpose or would not prove profitable as expected earlier. 

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